Posted on 09/02/2020 6:26:58 AM PDT by ChicagoConservative27
“If this tax were enacted, wouldn’t the server farms be relocated out of Jersey?????”
With the flip of a switch.
In sum, New Jersey is stuck on stupid.
While I agree with your sentiment, the reality is that in order to escape stifling taxes, blue-based attitudes and politics will ooze out of the blue states and infect the red states.
I swear these retired Goldman guys do not understand how products operate on the exchanges. What was he a senior director of? Human resources?
At the end of each trading day all of the ETFs need to come in compliance with regulations. Pension funds, 401ks and other instruments that track the Dow or S&P etc also need to be adjusted. This essentially means that the value of a "fund/ETF" needs to reflect the underlying value of securities that it is coupled. For instance, the 500 stocks of the S&P 500 individually go up and down through out the trading day. Anything coupled with the S&P 500 needs to be aligned to new prices at the end of the trading day. This is done electronically. You can't have individual traders putting in orders to make these adjustments. We have all of these financial products to choose from because of electronic/programmatic trading. Taxing this would add a cost to many retirement plans that we would end up paying.
If Murphy is addressing high-frequency trading, i.e., many small transactions per second all the time, then he is removing market liquidity, which is essential to being able to enter a trade when you want at the price you want. It can be argued if this is true liquidity or not. I view it as short-term liquidity and it's better than waiting around minutes to get an order filled, or like in the old days you could wait an entire day when you called your broker on a land line rotary phone.
Don't get me started on Dodd-Frank, which Trump was going to have repealed. This, by the way, is one promise that Trump did not keep, but not entirely his fault. The RINO House and Senate sat on their hands and didn't do anything about it. Believe it or not, Europe of all places, has more financial instruments for the everyday investor to trade, with a wide amount of margin to be used. We (small investors) can't trade metals and oil (CFDs) with leverage greater that 1:1 because Dodd-Frank made it illegal for brokers to provide those products to American citizens. (This is different than metal and oil futures.) Granted, I don't need nor want 500:1 leverage like what is available in some countries, but I should at least be able to lose my shirt if I wanted. Then there are trading limitations on equities placed on very small investors (accounts under $25k). All in the name of protecting people (eff'n security at the cost of freedom and liberty.)
These MoFos make rules that aid big banks and hurt your average American. It's picking winners and losers to fund their socialist government bull schiff programs and all the while big banks get to dictate legislation to aid their profitability through the exclusion of their competitors.
I wouldn't suggest going to another Rat infested state. I know Tommie the Commie in PA would jump on the idea of new taxes. Anyways, it is not the simplest thing to uproot these server farms. They are massive by the way. Additionally, there are literally thousands of severs owned by non-Wall Street firms, small partnerships and individual investors that co-located with the exchange computers. That means down time and additional expense to the little guy if things gets moved. I've been researching moving my trading to a co-located server, not in NJ, but in London. It's not all that expensive to do (since I'm an ex-IT guy). But if I had to move it would be halt my trading and I would have to retest everything after the move. Someone should just shoot the commie bastard instead and a lot of problems would go away.
Our IT guys had a ton of work on the anointed weekend, but the rest of us hardly noticed. This was long before Covid got out of a Chinese lab. We could just see that NJ was expensive and Indiana made perfect sense because most of our operations are in Pennsylvania and Michigan.
It didn't hurt that Indiana is business friendly and offers tax incentives either.
The f”er is already charging 7%+ sales tax on gold.
ML/NJ
Houston is a S**t hole. Most of urban Texas is a s**t hole. Gov in Texas sucks, thanks to that idiot Abbott. Like big gov? Move to Texas. Like high property taxes? Move to Texas.
Interesting information. I always knew there was lots of money in this but never knew how much. Also always thought the game is rigged and if you don’t have the same tools all you can play is the long game.
I also think high speed trading should be against the law and so yeah, tax it out of existence.
Good for IT to have something to do instead of just changing things for the sake of change to justify their full time job.
Thanks; if these Dems could tax each breath they would.
Some have proposed a tax per text; they are just harvesting money from sheeple instead of trimming wool from us.
[Thanks; if these Dems could tax each breath they would.
Some have proposed a tax per text; they are just harvesting money from sheeple instead of trimming wool from us.]
To his credit, the detestable Corzine publicly admitted that without ILLEGAL immigration, NJ had lost population. Many of the gubmint workers that helped elect him felt he turned on them - he DID know better.
When I see the elites deliberately turn some states into sh!tholes, I can’t help but feel they are doing so to allow them to carve out (or keep) certain areas for the uber-wealthy while keeping the imported underclass - which maintains their properties, prepares their meals, etc. - safely living some distance from them.
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